Top reasons for Whiston lease extension

Main reasons to start your Whiston lease extension today:

Increase your lease and increase your Whiston property value

Whiston leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Whiston tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Whiston you really ought to see if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

Whiston property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past lenders were content with 25 years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Whiston lease extensions?

Regardless of whether you are a tenant or a freeholder in Whiston,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Whiston valuers.

Whiston Lease Extension Example Cases:

Nathaniel, Whiston, South Yorkshire

14 months ago Nathaniel, came precariously close to the eighty-year mark with the lease on his ground floor flat in Whiston. Having purchased his property two decades ago, the lease term was of little significance. As luck would have it, he realised he needed to take steps soon on a lease extension. Nathaniel extended the lease just ahead of time last July. Nathaniel and the landlord who owned the flat above subsequently agreed on an amount of £5,000 . If the lease had descended lower than 80 years, the sum would have gone up by at least £1,100.

Whiston case:

Last Summer we were contacted by Mr George Rodríguez , who was assigned a lease of a newly refurbished apartment in Whiston in May 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by 90 years. Similar properties in Whiston with a long lease were valued about £275,000. The average amount of ground rent was £55 invoiced monthly. The lease came to a finish in 2103. Having 77 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of legals.

Whiston case:

Last Christmas we were phoned by Dr Ben Taylor , who was assigned a lease of a first floor flat in Whiston in August 2005. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Similar residencies in Whiston with 100 year plus lease were valued about £183,600. The average ground rent payable was £65 billed quarterly. The lease terminated in 2083. Given that there were 57 years outstanding we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including legals.